UK economy downturn in 2020 is worst since 1709
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National Statistical Service (ONS) published a report from which it follows that since 1709, the UK economy has been hit the hardest in 2020 due to the COVID-19 pandemic. According to statistics, Britain’s economic indicators fell by 11%, and not by 9.3% as previously reported.
The fall at the height of the pandemic in the second quarter of 2020 was 21% compared to 19.4% previously reported.
The ONS said a revision of the data was needed as new data from annual surveys became available. This allowed them to more closely analyze the costs of enterprises, taking into account the prices set in 2020.
After analyzing the data of annual studies, the organization said that this indicator is the worst since the Great Frost. The winter of 1708-1709 was the coldest in Europe for the last 500 years.
The UK is one of the first countries in the world to release fully adjusted economic figures for 2020, bringing together detailed data on the supply of goods and services during the COVID-19 pandemic.
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